Date: Fri, May 23, 2025 | 06:15 PM GMT
The cryptocurrency market has mounted a solid comeback in recent weeks from its bearish Q1. Bitcoin (BTC) has managed to melt faces with its new all-time high of $111,970, while the impressive 43% monthly jump of Ethereum (ETH) is uplifting sentiment across memecoins — including Bonk (BONK).
The Solana-based memecoin has surged over 48% in the last month, and the charts suggest it might not be done yet. Technical analysis points to a potential major breakout forming on the horizon.
Approaches Key Resistance
On the daily chart, BONK is flashing a textbook Cup and Handle pattern — a classic bullish setup that often signals explosive upward momentum.
The “cup” portion formed between late January and early May, with BONK initially rejected at $0.000026 and later bottoming out around $0.0000088. Since then, BONK has steadily recovered, forming a rounded base and then pulling back slightly into the “handle” zone around $0.000018, where it found support.
Now, BONK is pressing up against the neckline resistance in the $0.000023 to $0.000026 range. This zone has acted as a significant barrier several times in recent months. At the time of writing, BONK is trading just below it at $0.00002350, setting the stage for a potential breakout.
What’s Next for BONK?
A clean breakout above the $0.000026 level, especially if followed by a successful retest, would confirm the Cup and Handle pattern. This would likely trigger strong bullish momentum and open the doors for a rally toward higher resistance levels.
If confirmed, the next major resistance would be $0.000039. Beyond that, the full pattern projection points to a target near $0.000041, which would represent a potential 70% gain from the current price level.
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